Corning Incorporated $GLW Shares Purchased by State Street Corp

Key Points

• State Street increased its Corning stake by 13.4% in the second quarter, purchasing 4.85 million additional shares and bringing its ownership to 41.1 million shares, or approximately 4.77% of the company.
• Analyst sentiment remains favorable, with 12 Buy ratings and six Holds giving Corning a “Moderate Buy” consensus and an average price target of $176.50.
• Corning exceeded quarterly earnings and revenue expectations, reporting $0.78 EPS and $4.74 billion in revenue, while declaring a $0.28 quarterly dividend and issuing third-quarter EPS guidance of $0.85–$0.89.

State Street Corp raised its stake in Corning Incorporated (NYSE:GLW - Free Report) by 13.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,108,384 shares of the electronics maker's stock after purchasing an additional 4,845,027 shares during the period. State Street Corp owned about 4.77% of Corning worth $10,500,315,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the company. Basepoint Wealth LLC purchased a new stake in shares of Corning during the 4th quarter worth $26,000. Atwood & Palmer Inc. purchased a new position in Corning in the second quarter valued at $26,000. Rogco LP acquired a new stake in Corning in the second quarter valued at $27,000. Evolution Wealth Management Inc. lifted its holdings in Corning by 58.8% during the 4th quarter. Evolution Wealth Management Inc. now owns 381 shares of the electronics maker's stock worth $33,000 after buying an additional 141 shares during the last quarter. Finally, Vermillion Wealth Management Inc. lifted its holdings in Corning by 32.8% during the 4th quarter. Vermillion Wealth Management Inc. now owns 405 shares of the electronics maker's stock worth $36,000 after buying an additional 100 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLW has been the subject of several recent analyst reports. UBS Group restated a "buy" rating and set a $196.00 target price on shares of Corning in a research note on Wednesday, July 29th. China Renaissance upgraded shares of Corning from a "hold" rating to a "buy" rating and set a $238.00 price target on the stock in a research note on Tuesday, September 8th. Weiss Ratings downgraded shares of Corning from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, August 21st. Mizuho dropped their price objective on Corning from $210.00 to $180.00 and set an "outperform" rating on the stock in a report on Tuesday, September 15th. Finally, Bank of America upped their target price on Corning from $223.00 to $243.00 and gave the company a "buy" rating in a research report on Monday, July 6th. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $176.50.

Corning Stock Performance

GLW traded up $0.12 during trading on Tuesday, hitting $159.10. The stock had a trading volume of 3,413,184 shares, compared to its average volume of 12,395,599. Corning Incorporated has a twelve month low of $77.05 and a twelve month high of $271.78. The firm has a market capitalization of $137.05 billion, a P/E ratio of 72.59, a PEG ratio of 1.92 and a beta of 1.16. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. The company's 50-day moving average price is $153.76 and its 200 day moving average price is $166.18.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.02. The company had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The firm's revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, equities research analysts forecast that Corning Incorporated will post 3.28 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. Corning's payout ratio is 51.14%.

Insider Buying and Selling

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the business's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.25% of the company's stock.

Corning Company Profile

Corning Incorporated NYSE: GLW is a global materials science and technology company that develops specialty glass, ceramics and optical fiber products. Founded in 1851 and headquartered in Corning, New York, the company combines expertise in glass science, ceramics science, optical physics and manufacturing to serve communications, consumer electronics, automotive, life sciences and other industrial markets.

Corning's products include optical fiber, cable and hardware used in telecommunications networks; cover glass and other components for mobile devices, laptops and other electronics; display glass for televisions and computer monitors; emissions-control products for automobiles and trucks; laboratory vessels and equipment; and specialty glass and ceramic products for industrial, semiconductor and aerospace applications.

The company serves customers worldwide through manufacturing, research and commercial operations across North America, Europe and Asia.

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